Suddenly seem to have found an angry flock of friends in California, who haven't overlooked what the SECU Board did.
Can't blame them, can you? [mean by "them" the California folks, not "this Board!]
| Filed: WesCorp Complaint |
From: A CEO of a California Credit Union Which Suffered Large $$$$ Losses At Wescorp
Date: 2023 at 11:10 AM
Subject: Filed: WesCorp Complaint
Jim-
WesCorp was placed into conservatorship by the NCUA in March, 2009.
I participated in the attached lawsuit filed November, 2009 vs. WesCorp.
The NCUA intervened and took over the lawsuit.
Jim Hayes was the Senior Vice President & CFO at WesCorp at the
time and was among the defendants.
By 2008 MBO's *[see below] represented 37% of Corporate CU investment portfolios.
At WesCorp it was 80%. A reckless negligent gamble.
He was the CFO. He was there. He was at board meetings. He was at
ALM meetings. He drank the Kool-Aid.
Now look at him.
Never Shocked. Just Disappointed. The NCUA should have barred him
from continued credit union employment.
The CEO
----- Original Message -----
Sent: Tuesday, November 24, 2009 1:34:49 PM GMT -08:00 US/Canada Pacific
Subject: Status Update: WesCorp Complaint
Gentlemen -
The complaint has been sent for filing by our local counsel, David Parisi. When the file-stamped copy of the Complaint is returned from Court, David will circulate a copy to each of you.
FYI - I will be off the grid tomorrow through Sunday. Have a nice Thanksgiving, everyone.
Regards-
Deborah
| ||||||||||||
* MBO's
So either the board failed to perform even the most rudimentary of background checks on this guy, or they knew about this and decided to hire him anyway.
ReplyDeleteNeither option is even remotely acceptable, and these board members should pay a heavy price for the mess they have made.
The changes being made by the new leadership are damaging the lives of thousands of employees and members. They can't be allowed to get away with this.
thousands of employees. millions of members.
DeleteWestCorp was Hayes' "Beer Hall Putsch" that should have landed him barred for life. Then the second largest credit union (operating ONLY in the great state of NC) hires him to ultimate power and we see a similar dictatorship being run with yes-men sycophants all pushing out those who aren't like them...hmmmm...seeing a pattern here.
ReplyDeleteCan't understand 11 Board Members who have been credit union members for years and should care about SECU Members and Employees. All North Carolina State Employees or Retirees themselves. Some Board Members since 2000, 2005 and 2007 with many others serving 5 years or more. And they appear to have turned their back on the state, the credit union and the people of North Carolina for a man who has done nothing but tear down SECU since They brought him into our credit union. Why, your Members need an answer.
DeleteAs long as Mona's momma gets her business checking account it's all worth it I guess....
DeleteJim needs to feel important and smart. Seems drawn to shinny new pennies. Of course he would want to be known as a big player and part of the big dawgs with investments at Westcorp. Technology is his shinny new penny now…has to have the perceived latest and greatest!
ReplyDeleteThe man is so out of touch. Pushing to replace the core, estimated it would take 18 months. He has no clue that 'the core' literally is the actual core and it can't be undone quickly.
DeleteAnyone with two brain cells should be able to deduce that core is important and would have to be replaced carefully and slowly and by the time it was done it would be 'old' technology.
Guess he never learned: If it's not broke, don't fix it.
Whenever the topic of technology comes up in any of these meetings, Hayes loves to use Bob White (SECU's longest tenured piece of software) as the punching bag. It's the example he always throws out for why our tech is old and bad. Often he does so with a snide chuckle.
DeleteThe funny thing is, of all our tools, Bob White is by the far the fastest, most responsive - and most importantly - THE MOST RELIABLE.
All the new stuff has intermittent issues. Bob White? Pretty much flawless. The new tech can only wish it was half as reliable and stable as Bob.
Of course, if Hayes knew literally anything about SECU he'd know that. But instead he takes one quick look at it, sees that it's not flashy and shiny and modern, and decides it needs to go.
Just to be clear, the core (aka "Bob White") software does need to go. It is comfortable for those who have worked with it for years, but like a well-loved coat or other piece of clothing, eventually it outlives its usefulness and needs to be updated. No question. The issue that so many of us have is not with the idea of a change, but with how the new guard is approaching the change. Can you show us you are committed to understanding what we currently have before you rip it all out and throw it away? Good or bad in your eyes, these are systems we depend on to serve our members today. We want to know there is a solid roadmap to continue taking good care of our members through the changes, and all we see so far are empty promises based on nothing factual.
DeleteI don't want to get into a debate about it, but I see no reason Bob needs to go, and you haven't offered any.
DeleteYou imply that a desire to keep Bob is a result of being comfortable with him and afraid of change. Untrue. I was hired in 2020 and trained mostly on platform. I just see that clearly Bob is the best piece of software we have.
Obviously it's not the most intuitive, but with training and practice, tasks can be processed at thrice the speed of platform, and Bob almost never goes down or lags.
Bob is the most reliable system we use daily, Platform spins & spins, Margo teller needs 8 clicks before showing transaction history/payments, sometimes more depending on the weather, Jabber has delayed messages, NICE-that topic is too long to discuss on here, Mortgagebot incredibly slow, not too many issues with Relationship Manager or Onbase, but Bob rarely ever lets you down
DeleteIs the CEO contract public info? His salary info was not included in the report given to members. First time that has been the case. What else do the Board members have to hide?
ReplyDeleteYou may be able to find salaries on GuideStar
DeleteAllegations that Jim has acted in bad faith at SECU, or at any prior organization, are reckless and false? Seriously you put that in a email to employees last month? We seriously have the dumbest group of BOD ever
ReplyDeleteFunny isn't it?!? They think WE (employees) are the dummies. Quite the contrary.
DeleteLet's talk about the new email address the BOD shared in that email to all employees. In the spirit of openness, I'm sure. What's the point if you don't reply to emails?
DeleteHow many people emailed the board before and never heard anything back? Not even an acknowledgment?
I myself have emailed numerous times and all I got was nothing...crickets
DeleteHe didn’t drink the Kool-Aid….. he MADE the Kool-Aid, and was serving it to his associates
ReplyDeleteGo to SECU web page.
ReplyDeleteGo to bottom of page.
Click on Annual Meeting and Report.
On next page, click on Audited Financial Statements 2022.
Go to page 24, Note 2. And there it is.
A new level of investment threat with a proven investment guru. Look at the history of his return on investment!
WHAT IS "THIS BOARD" DOING?
How on earth do we correct the reckless, fiscally irresponsible directions that they are taking? Will there be anything left to save in October?
Remember when he said he expected to have SECU’s assets at $70+ Billion by August 2024 LOLOLOL like cmon, the guy just throws stuff at the wall and hope it sticks
DeleteAssets declining since Mike Lord retired, so is Hayes selling off property/closing branches to increase bottom line? In areas where SECU will never afford property again...We know Hayes and "this Board" are investing in risky securities and Hayes knows just how risky they are--he was very involved in the investments that brought down Wescorp. He cares nothing about North Carolina, he knows nothing about North Carolina, he cares nothing about the members, the common bond, and he sure knows nothing about the financial burdens the members have. Can't bother to learn how SECU has always listened to members and tried to solve or at least help with those burdens. I always thought the BOD did get what SECU was all about. But that was before "this Board"--they are revealing themselves to be as out of step with SECU's role in NC finance as Jim Hayes is. ( and good heavens, what happened to Leigh Brady?! )
DeleteAny chance Leigh is just doing her job? (Trying her best to anyway) aren’t we all just putting on a happy face, waiting this out, and trying not to say or do anything to get retaliated and fired… he would fire her if she stepped out of line, anyone for that matter in the higher ups who publicly disagreed with his plan. I’m just trying to see the other side in the event she does feel like no one sees what kind of position she is in
Delete$885,883,660 in unrealized investment losses!!!
DeleteShe/her is protected by the board. Haze can't fire her.
DeleteMany have held out hope she has not completely lost her SECU way, but she keeps disappointing them. She could be a part of the solution, not the problem if she chose to put her self aside and take care of the SECU members and employees. Too much is at stake here, SECU refuses to be the next East Coast Wescorp. Jim Hayes does not own SECU, the people of North Carolina does.
DeleteI’m hoping Brady will came to her senses. If she does, all will be forgiven. If not, get the h*** out. You can do this, Brady. It’s not too late.
DeletePerhaps. Go back to the article on the SEANC meeting. Wednesday May 31--"Let Them Eat Cake" when Mrs. Brady had since February to prepare and contemplate her remarks. That was as bad as it could possibly be. Astonishing in her demonstration of complete, total disconnect to what New/New, RBL in particular does to all members. No understanding whatever of how ridiculous her example made her look. Arrogant, out of touch with reality and flip.
DeleteShe/Her’s been out of touch and incompetent for far too long. Why would you expect anything different?
DeleteThey should have hired a shepherd and not a king... a shepherd is used to leading and is humble, a king wants to rule and is narcissistic.
ReplyDeleteCan't blame JH he's doing what he's always done ... but now the board on the other hand were responsible for watching over their members and not allowing the fox into the hen house .... the feathers are flying now!
ReplyDelete"A good reputation is more valuable than money."
ReplyDeletePublilius Syrus
Do they normally post their monthly financials or just quarterly data? If so where do you normally find the monthly data at? (I hear it is late for April)
ReplyDeleteThis is not a good look…. Can’t believe it it took this long for all of this to come out
ReplyDeleteI mean these guys are busted at this point. It’s time to get off your a** NCUA or you are nothing, but a waste of an organization.
ReplyDeleteRead the articles on Wescorp, many of the credit unions who suffered losses over the Wescorp Failure blamed NCUA for allowing the failure. James (Jim) Hayes was a NCUA Examiner prior to becoming SVP and CFO at Wescorp. Why wasn't this corruption and fraud stopped before so much damage was done to all those small credit unions involved? Check out some of the other names involved and follow their career moves...Executives taking care of Executives. Down here in the South it used to be called the "good ole boy network' (insert person if you have a need for PC).
DeleteFor This Board, YOU brought this network into SECU in 2021. For 85 years this network was not welcome here. Tell your CEO, "the Line" for SECU Legacy employees was established by all those before us and we will hold That Line.
I watched the documentary "Inside Job" this past weekend. I was surprised at the deception and recklessness by leaders of the large financial institutions. But, even worse, was seeing them walk away with many millions of dollars with no repercussions. Some were even rewarded by getting better positions.
ReplyDeleteMy guess is the primary intent is for power, control, and money…to satisfy individual pursuits (c-suite executives) and goals of the narcissistic/god-complex elites (BOD).
ReplyDeleteThe "bad guys" are stripping the CU of everything that makes it the “representation of the people” into a personal self-serving CU.
I suspect there are a still a few good people on the board. In the past, the board could trust those in charge to do the right thing. Maybe they became too trusting. It's time for them to be less trusting and to pay attention to what's going on.
DeleteThey all signed that letter to employees stating their support for Hayes ("we got the right person for the job") and all expressed support for the "new" direction and culture at SECU. That says everything you need to know. No one left that members and employees can count on, they all need to go.
DeleteThey are creating a social, economic, and political system designed by themselves (the ruling class) to serve its interests above all else. They are not going to turn over without a fight and THEY are in charge now. Too much at stake for them. The problem is who and where do you turn to? ONE way is to vote out the 3 board members but even that doesn't assure that anything changes... NCUA? Maybe haven't seen any evidence in their desire to "look into any inproprities" and it's possible that there is nothing they can do since our BOD has given the green light for all the new/new going on. Plus lets face it they all belong to the same country clubs, eating off the public trough of money ... trust me they don't care if a member can't pay his rent or put food on the table or gets a loan rate of 9% for a used vehicle... if you think they lose sleep over that you're kidding yourself.
ReplyDeleteTo be fair, if even one or two nominees gather the 500 signatures and oust the current board member(s) up for election, I suspect that would be the rude awakening the rest of them would need to start doing the right thing. It puts the rest of them on notice that the members ARE paying attention and the BOD can't do whatever they want.
Deletethat's the goal ....
Delete